Weyerhaeuser Co. (NYSE: WY), Federal Way, WA, has agreed to sell its liquid packaging board business to Nippon Paper Industries Co. Ltd. of Japan for $285 million.
Weyerhaeuser said it will "use a substantial portion of the estimated $225 million after-tax proceeds for repayment of debt." The transaction includes one mill in Longview, WA.
Weyerhaeuser, which merged with Plum Creek Timber Co. Inc. in February, last month announced it had agreed to sell its cellulose fibers pulp mills to International Paper for $2.2 billion.
